HomeMy WebLinkAbout020856 RES - 01/02/1990A RESOLUTION
ASSIGNING THE AUTHORITY FOR THE CORPUS CHRISTI HOUSING
FINANCE CORPORATION TO ISSUE BONDS TO PROVIDE FINANCING
FOR HOME MORTGAGES IN 1990, BASED UPON ITS POPULATION, TO
THE COUNTY OF NUECES.
WHEREAS, the City of Corpus Christi, Texas, a "local government" under the Texas Housing
Finance Corporations Act (Chapter 394 of the Local Government Code) authorized the creation of
the Corpus Christi Housing Finance Corporation pursuant to said Act; and
WHEREAS, the County of Nueces, Texas, also a "local government" under said Act, authorized
the creation of the Nueces County Finance Corporation pursuant to said Act; and
WHEREAS, the jurisdictions of the City of Corpus Christi, Texas, and the County of Nueces,
Texas, overlap, and the population of the City of Corpus Christi, Texas, being the smaller local
governmental unit, as described in the most recent federal census is 232,134; and
WHEREAS, the City of Corpus Christi, Texas, desires to assign its authority to issue bonds,
based upon its population, to the County of Nueces, Texas, for the calendar year 1990, contingent
upon the Nueces County Housing Finance Corporation's receiving an allocation to issue such bonds
in calendar year 1990;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
CORPUS CHRISTI, TEXAS:
SECTION 1. That the City of Corpus Christi, Texas, acting pursuant to Article 5190.9a,
Vernon's Annotated Texas Civil Statutes, hereby assigns its authority to issue bonds, based upon its
population, to the County of Nueces, Texas, for the calendar year 1990. This assignment shall only
be used by the County of Nueces, Texas, acting through the Nueces County Housing Finance
Corporation, to issue mortgage credit certificates to qualified persons residing within said County,
without allocation or restriction based upon whether or not such persons reside within the city limits
of the City of' Corpus Christi, Texas. In the event the Nueces County Housing Finance Corporation
does not receive an allocation to issue such bonds in calendar year 1990, this Resolution shall become
null and void.
SECTION 2. That a certified copy of this Resolution shall be provided to the Texas
Department of Commerce to evidence this assignment, and the City Manager, or Assistant City
Manager, is hereby authorized to execute and deliver any other documents effecting such assignment
as may reasonably be required by the Texas Department of Commerce or the parties to the
transaction contemplated herein.
ATTEST:
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City Secretary
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Iv1AYOR !
APPROVED: 3$ DAY OF VtDcM.`fr. , 190
HAL GEORGE, CITY ATTORNEY
By
THE CITY OF CORPUS CHRISTI, TEXAS
>�;4¢ MICkOFtLMED
Corpus Christi, Texas
day of _di '/i �(.�..- , 1990
The above resolution was passed by the following vote:
Betty N. Turner
David Berlanga, Sr.
Leo Guerrero
Tom Hunt
Edward Martin
Joe McComb
Clif Moss
Mary Rhodes
Frank Schwing, Jr.
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